Stocks may have seen bottom

The S&P 500 rose 4.3 percent last week, its best weekly performance since January 2013.

The strong performance last week is giving some analysts hope that the stock market is back on a winning path.

Technical analyst Tom Aspray at Forbes wrote over the weekend that “the odds of a V-shaped bottom have increased”.

“I would expect the market to consolidate for a day or two this week before turning higher,” he wrote. “A strong weekly close with positive market internals will be a further sign that a V-shaped bottom is in place.”

Monica DiCenso, global investment specialist at JP Morgan Private Bank, told CNBC that the stock market could gain “11 to 13 percent from here, which of course in the context of history is very strong”.

“Look at earnings growth, you look at the growth in the economy and really you look at everything we heard from companies through this past earnings season, it's all been really good,” she said.